E-Business is the use of electronic communication technologies to conduct business transactions. E-Business includes the use of computer networks, the Internet, intranets, extranets, telecommunication systems, software applications, wireless devices, and mobile computing platforms.
The term was coined in the early 1990s by the U.S. The DOC (The Department of Commerce) and The NTIA (The National Telecommunications and Information Administration). In 1994, the DOC released its first report on e-commerce titled “Electronic Business: A Report to Congress.” The report defined e-business as “the exchange of goods and services using information technology.”
In 1996, the NTIA published its own report titled “e-Commerce: Opportunities for Small Businesses,” which further expanded upon the definition of e-business. According to the report, e-business is “a broad category of activities conducted electronically, including buying and selling products and services over the Internet, conducting financial transactions online, accessing government services via the Internet, and conducting business-to-business transactions.”
Various kinds of e-business
1. E-commerce
E-commerce is selling services or products online via the Internet. It is a type of business model where businesses sell their goods or services directly to consumers without using any traditional distribution channels.
2. Electronic Commerce
Electronic commerce (EC) is the electronic exchange of information between two or more parties via computer networks. EC is often referred to as e-Business.
3. Internet Business
Internet business is a business that operates entirely online. An internet business may offer its products or services to customers globally, 24 hours a day, seven days a week.
4. Online Shopping
The online shopping is buying merchandise and/or services over the Internet. Online shopping is becoming increasingly popular due to convenience and time savings.
5. Online Retailer
An online retailer is a company that sells products or services over the web. Most people utilize the name “online retailer” interchangeably with “internet retailer”.
6. WebSite
A website is a collection of web pages accessible through the World Wide Web. Hypertext Markup Language (HTML) is used to establishing a website. HTML provides basic text formatting, hyperlinks, images, audio clips, video clips, etc.
7. Website Design
Website design is the way of developing a websites appearance and experience. A website designer creates a visual representation of what the final product should look like.
What are the positive points of e-business?
1. E-Business is a type of business where products and services are sold over the Internet. It is a global phenomenon that is changing how people do business. In fact, according to some estimates, e-commerce sales worldwide could reach $1 trillion by 2010.
2. E-Business offers many advantages. One advantage is that it provides customers with instant access to information about their purchases. Another advantage is that it gives businesses the opportunity to provide a wider range of products and services than they would otherwise have been able to offer. A third advantage is that it makes it easier for companies to interact with their customers.
3. E-Business also has disadvantages. One disadvantage is that it requires businesses to invest in technology. Another disadvantage is that it may not be possible to find qualified employees who know how to use computers. Yet another disadvantage is that it may be difficult to control inventory costs.
4. Many businesses are now using e-Business to sell their products and services. However, e-Business is still relatively new. As a result, many people don’t yet understand its potential.
However, there are as well some disadvantages related to it such as:
Ever since the introduction of e-business, organizations have been proof to organize their business in a simpler and much inexpensive way.
1. Cybercrime
The use of technology to perpetrate crimes is known as cybercrime. In the case of e-commerce, cybercriminals may attempt to steal credit card information or sell counterfeit products online. E-commerce websites are vulnerable to hacking attacks because they store sensitive data about customers online. Hackers can gain access to customer account information, including names, addresses, phone numbers, email addresses, passwords, and credit card details. If hackers obtain enough personal information, they can impersonate users and make fraudulent purchases.
2. Accessibility Issues
Web-based business sites are open 24 hours per day, seven days every week. A website’s accessibility is determined by how easily people who do not have Internet access can navigate the site. Many websites are designed to work best on desktop computers, but mobile devices such as smartphones and tablets require different layouts and features. Websites should be tested before being launched to ensure that they function properly on all types of devices.
3. Security Concerns
The security of e-commerce transactions is critical to consumers’ confidence in online shopping. Online shoppers need to feel confident that their financial information is secure while making purchases. To protect consumers, e-commerce sites should implement strong authentication methods such as two-factor authentication (2FA) and encryption technologies. 2FA requires users to enter both a password and a code sent via text message or generated using a smartphone app. Encryption technologies scramble data so that only authorized parties can read it.
To Sum Up
E-business is a type of business that can be done on or through the Internet. This often involves the use of electronic and technological devices, such as computers, tablets, smartphones, etc. The Internet has changed business practices and continues to do so. As a business run online, they are able to operate efficiently and effectively with fewer employees.
Today, e-business encompasses many different types of businesses. These businesses range from traditional brick-and-mortar companies to small businesses that sell their products and services online.